Savings Jar Tips

A Simple Way to Save: the $5 Savings Jar

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This is a twist on the ol' change jar, but it works just as well. The concept behind a savings jar is simple but effective — you mindlessly drop cash into a jar and before you know it, you'll have a good amount of money that you can chuck into a savings account or retirement account. But if you replace loose change with $5 bills, you'll be able to accumulate money more quickly.

All you need to do is find a big fat jar and whenever you find yourself with a $5 bill, you should do your best not to spend it. Instead, immediately put those bills in your jar once you get home. Of course, this might be best for people who tend to use a lot of cash. For those who choose to pay for purchases with cards, you might not find your savings growing as quickly as you'd like. Do you have other savings tricks to share?